The pandemic of COVID-19 has quickly disrupted our lives in ways that no one could have anticipated. In order to comply with strict social distancing regulations, many businesses have had no option but to close their doors, causing millions worldwide to lose their income. It has had a devastating economic impact for many businesses, start-ups, and entrepreneurs, and as this virus continues to spread, millions more people could end up with a similar fate.
We’re all living through an uncertain chapter of history. Even though some individual problems will be unique because no two companies are the same, the thing about this virus is that it affects us all. We are all looking for the best way to survive the same thing. So, if you are one of the unlucky ones who’ve started to lose income, there are a few steps you can take while riding out this pandemic until life goes back to normal.
Accept your losses
Dwelling on the negative parts of this situation isn’t going to help you survive. Especially considering that things may even get worse for some before they get better. So instead of drowning in despair during this time of uncertainty, you need to embrace it. Because ultimately, accepting your losses is the first big step to overcoming it. You must be resilient while finding the best method for your business to evolve and survive. Because if you can’t let go of the negatives and accept your losses, you will likely struggle to make the necessary changes to overcome this pandemic.
Focus on what you can impact
There is so much happening right now that is completely outside our control. If you don’t want COVID-19 to spell the end for your start-up, it’s important to stay focused on what you can control. If your business can or already does sell anything online, maybe give your website an upgrade. If the majority of your revenue comes from digital marketing, build out your funnels to help maximise conversions. If your company’s SaaS platform lacks some key features, now’s the time to inject it with steroids. By concentrating on things within your control, when this pandemic is finally behind us, you won’t have to worry about issues when it’s time to start back up after being stagnant. Your business will already be stronger than it was before Covid-19 went global.
Stay away from losers
Losers are those people in your life that are always complaining about their situation in life. They are too lazy to make any of the changes required to improve, because they always give up on themselves too easily. They always pass the buck, blaming their failures on some external factor, because it’s never their fault. And we all know how much losers love company. Instead of being supportive of others who are succeeding, they can become jealous, bitter, and spiteful. So, they often do whatever they can to bring others down with them. Cut losers from your life before they suck up your time and energy.
Talk to those who are thriving
Once the losers have been cut from your life, it’s time to replace them with winners. These winners help to enrich your business life in many ways. They will freely give you advice on how to succeed, because they’ve already experienced failure and found their way past it many times themselves. We need to surround ourselves with people who are constantly challenging us to do better, whether they’re mentors, teachers, or trusted friends and family. When we have positive, forward-thinking, successful winners in our lives, their influence raises the bar. Because sometimes we don’t know the true extent of what we are capable of until we know someone else who found a way to survive through the harder times.
Don’t pick up bad habits along the way
We all have time now to rethink our overall business structure and performance, so it’s the perfect opportunity to implement changes, try new ideas, and make those necessary improvements which streamline your operations. Use this gift of extra time wisely by removing your bad business habits while ensuring you aren’t developing any new ones. Don’t get lazy and slip back into the old way of doing things, because those bad habits are never going to produce better results. Remember that time is energy, so you should always be using it wisely by staying positive and keeping up that forward momentum.
Make cuts in your spending
Pandemic or no pandemic, every cent counts, so spend what you earn very carefully. While making decisions about where to cut back your spending will likely be difficult, especially in areas that were seemingly critical, it’s necessary for long term survival. Even seemingly little things will help. Maybe you can reduce transportation expenses by limiting travel or save on energy expenditure by lowering temperatures of water heaters and air conditioners by a couple of degrees. In some cases, getting really creative is going to be the way to survive. Whatever changes you decide on to decrease business spending needs to be done now while you have the option. Just remember that making these tough decisions today is much better than the possible alternative—the gut-wrenching decision to close the doors to your business forever. Or even worse, filing for bankruptcy.
Monetise your assets
The COVID-19 pandemic has forced many companies to quickly change by repurposing assets where possible to create new value. By shifting their business models, they are protecting their brand and increasing their chances of survival. Search for new ways to make money while also increasing the turnover of inventory. Because stock sitting in storage is dead money with no value in the current situation where you need to be monetising your assets. Look at implementing changes that won’t cost extra while still providing results. For example, If you have existing traffic to your site, try improving your conversion rate to see if you can sell more without spending a single extra cent. Just find ways like this to monetise differently.
Cash is king
In challenging times, keeping your business alive is always the priority. You want to be in the best position to survive this crisis with minimal lasting effects. That’s why now more than ever that old business adage of cash being king is so pertinent. While focusing on both sides of your ledger is equally important, the amount of cash in your bank accounts is going to be your most important business asset. Because this uncertainty will also be affecting your clients, your strategies for cash outflow will likely provide the most effective protection while riding out whatever lies ahead. Prepare a revised and updated cash flow forecast with the key aim to maximise available cash in your business accounts.
These are unprecedented times. We don’t know how long things will be like this, but we do know that the next few months are not going to be easy for many. Unless you are lucky enough to sell hand sanitizer, toilet paper, or software for conference calls, you’ll just need to concentrate on surviving each day by doing the best you can while adapting to changing situations. Just remember that you are not alone in your fight and that everything will eventually get better as it returns to normal.